The Mumbai-based venture firm Carpediem Capital led a $10 million (about Rs 83 crore) venture fundraising round for the historic footwear business Inc.5 Shoes, which also included participation from Param Capital and P3 Venture Fund.

The valuation at which it raised the cash was kept a secret.

The Mumbai-based company, which sells shoes at all price points and genders, has 74 stores of its own in addition to 200 other locations and an online site.

According to Amin Virji, general director of Inc.5, the company receives roughly 14% of its total sales from online channels. Of them, 40% come from its own website, and the remaining percentage comes from sites like Myntra and Ajio.

With the money raised, the omnichannel retailer intends to increase the size of its stores and warehouses, enter new markets, and bolster its upper management. According to Virji, the company plans to open 100 stores by March 2024 and then add 40–50 more each year after that. Among other things, he stated, the company wants to increase its warehouse capacity by more than 25,000 square feet.

The company, which was founded in 1998 and is owned by the Virji family of Mumbai, is known for its premium men’s footwear brand Atesbe, mid-range men’s footwear brand Privo, and women’s footwear brand Inc.5.

For the past ten years, Inc.5 Shoes Private Limited has operated mostly in the Manufacturing (Leather & Products thereof) industry. AMIN ABDUL VIRJI, ALMAS SATYEN NANDA, NADIA ABDUL VIRJI, and ABDUL NOORALLAH VIRJI are the current board members and directors.

According to Tracxn, the family owned 95.6% of the company before the investment, with Amin Virji owning the largest part at 46.9%. In addition, the Virji family has four board seats, with Amin’s father Abdul Virji serving as chairman. Following the transaction, Carpediem Capital will hold two board seats, according to Amin Virji.

According to Virji, the company generated sales of Rs 220 crore in 2022–2023 with an EBITDA margin of 15%. No further information was provided. Based on revenue of Rs 133 crore, it generated a net profit of Rs 4.6 crore in 2021–2022, according to Tracxn statistics.

The domestic private equity firm had previously invested in two businesses from the second fund, Fornax and Sindhuja Microcredit, with Rs 380 crore sitting idle.